All eyes are on the EUR/USD, which has proven that the EUR
is not ready to reach parity with the USD soon. On Wednesday, March 18, 2015,
the market skyrocketed by over 450 pips, before being corrected lower. The
perpetual bullish effort has already resulted in a Bullish Confirmation Pattern
in the market, and thus, the resistance lines at 0.0900 and 0.1000 may be
reached this week.
EUR/USD: All eyes
are on the EUR/USD, which has proven that the EUR is not ready to reach parity
with the USD soon. On Wednesday, March 18, 2015, the market skyrocketed by over
450 pips, before being corrected lower. The perpetual bullish effort has
already resulted in a Bullish Confirmation Pattern in the market, and thus, the
resistance lines at 0.0900 and 0.1000 may be reached this week.
USD/CHF: Recently, and in the foreseeable future, what
happens to the USD/CHF would be largely determined by the events affecting the
EUR/USD, especially in a negatively correlated manner. The resistance levels at
0.9900 and 1.0000 are poised to frustrate the effort of the bulls, as the price
mulls the attainment of the support levels at 0.9700 and 0.9600.
GBP/USD: The
price actions on the GBP/USD and the EUR/USD are nearly similar, for both of
them are positively correlated. The recent bearish outlook has been put in
jeopardy and it is now in a precarious position. More buying pressure is
expected on the Cable this week, and the distribution territories at 1.5050 and
1.5150 may eventually be overcome.
USD/JPY: This is
now a bear market, but short trades should be sought with caution. While the
demand levels at 119.50 and 119.00 could be tried, there is also a possibility
that the price may go upwards towards the supply levels at 121.50 and 122.00.
EUR/JPY: There
has been a perpetual bullish effort on this currency trading instrument, and
this has posed a great threat to the extant bearish outlook. A movement above
the supply zone at 140.00 would render the bearish outlook completely invalid.
This trading instrument may rally this week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Learn from the Generals of the
Markets: Market Generals
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